Instrument: OIL
Bullish Preference:
A buy position is envisaged if the price trades above 84.71 with take profit at 84.94
Bearish Preference:
A sell position is envisaged if the price trades below 84.36 with take profit at 84.20
Fundamentals:
No Major Fundamental
Comment:
Oil prices crept up on Tuesday as supply concerns from a hurricane hurtling towards the U.S. Gulf Coast limited bearish sentiment about the possibility of another U.S. interest rate hike undercutting demand.
Brent crude edged 63 cents higher at $85.05 a barrel by 1026 GMT, while U.S. West Texas Intermediate crude ticked up 57 cents to $80.67 a barrel.
Tropical Storm Idalia lashed western Cuba on Monday and was almost a hurricane as it headed toward Florida. The storm is likely to cause power outages and could impact crude production on the eastern side of the U.S. Gulf Coast.
Analysis: SCRUM Team